What a wild and wacky ride!
We can call this the “Dead ‘Rat Bounce”..............
Mike
This is just nuts. 350 point swings don’t make for happy financial industry workers.
Look at the volume chart. Heaviest volume on the upside late in the day. Good sign.
How come CNN’s business page is still showing the Dow down 300+ points?
Does this mean we are NOT all going to die?
..I don’t think so....a dead cat bounce is usually a rally from the start....used to be a broker many moons ago and rarely saw a 343 point turn around....much more difficult to ascertain......more like S&P yield is way up now, short covering.....stocks like Washington Mutual now have yields of 7% or so......that is a deal......
There’s been an awful lot of doom and gloom reported on the FR (and shared by some Freepers).
Looks like, around 3 pm, those who didn’t believe the hype decided to pick up some bargains.
Massive short covering in the financials and a "melt-up".
CNN’s not gonna like this...
PPT? ;)
The Plunge Control Team had to delay their weekend one more day.
we wanted a total economic meltdown....
*liberal pundit heads exploding*
Market’s reacting to Jenna Bush’s engagement.
If the Fed makes an emergency cut many don’t want to be left short. Much of this was an attempt to pull cash out and get liquid. Am hearing that end of day move was heavy short covering. Tomorrow should be a good day for longs but get ready to move on a dime.
end of transmission
HPQ beats estimates...up after hours
Everything was on sale.. dud you miss the rush?
All that volume at the end is encouraging. People were buying even as the price was rising.
This has been a strange selloff. What you’d call the climax volume day happened quite awhile back. Then we retraced 50% with fairly decent accumulation, sold off again and eventually made a triple bottom, then just poked thru that on relatively low volume. It looked more like a lack of buying than selling.